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2. Application of new and revised Hong Kong Financial Reporting

Standards (HKFRSs)/changes in accounting policies (continued)

HKFRS 9 is effective for annual periods beginning on or after 1 January 2013, with earlier application permitted. The Directors are in the process of assessing the impact from the application of the new standard on the results and the financial position of the Group.

The amendments to HKAS 12 Deferred Tax: Recovery of Underlying Assetsmainly deal with the measurement of deferred tax for investment properties that are measured using the fair value model in accordance with HKAS 40 Investment Property. Based on the amendments, for the purposes of measuring deferred tax liabilities and deferred tax assets for investment properties measured using the fair value model, the carrying amounts of the investment properties are presumed to be recovered through sale, unless the presumption is rebutted in certain circumstances. The Directors anticipate that the application of the amendments to HKAS 12 may have a significant impact on deferred tax recognised for investment properties that are measured using the fair value model. Had the amendments been adopted for the year ended 31 December 2010, the deferred tax liabilities for investment properties as at 31 December 2010 would have been decreased by HK$480,476,000 (2009: HK$385,630,000), the interests in associates would have been increased by HK$400,297,000 (2009: nil) and the profit for the current year would have been increased by HK$880,773,000 (2009: HK$50,299,000).

The Directors anticipate that the application of other new and revised standards, amendments or interpretations will have no material impact on the results and the financial position of the Group.

Annual Report 2010

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